By
Chimamanda U. Martha
April 18th, 2024
Coinbase adds Stellar Lumens to its professional trading service Coinbase Pro. Initially, XLM trading will be only available for customers in Coinbase’s supported jurisdictions, expect the state of New York.
Crypto exchange Coinbase is actively adding support for various digital currencies on its professional wallet service Coinbase Pro. One of the last coins added was Ripple’s XRP. On February 25, Coinbase began accepting inbound transfers of XRP to Coinbase Pro, and soon after the announcement, the price of XRP shot by over 10%.
Recently, one more currency has been listed on Coinbase’s professional exchange. Stellar Lumens (XLM), the native cryptocurrency of the Stellar blockchain, is now available for active trading on Coinbase Pro.
Inbound transfers for XLM are now available in the regions where trading is supported. Traders cannot place orders and no orders will be filled. Order books will be in transfer-only mode for a minimum of 12 hours. https://t.co/NgCiWEkii8
— Coinbase Exchange (@CoinbaseExch) March 13, 2019
Immediately after the announcement, Coinbase started accepting inbound transfers of XLM to Coinbase Pro. The first stage of accepting deposits was expected to last for approximately 12 hours. During further stages lasting for a couple of minutes, customers would post limit orders, then the exchange would start matching them. Full trading, including limit, market, and stop orders, will only become available at 1 p.m. PST. after all the stages are completed.
As the exchange’s blog post reads, when there is a sufficient supply of XLM on the platform, trading on the XLM/USD, XLM/EUR, and XLM/BTC order books will start in phases, beginning with post-only mode and proceeding to full trading if the metrics for a healthy market are met.
Last December, Coinbase Pro first announced considering XLM, as well as other 30 digital assets it was looking into supporting. Since its initial announcement, the platform has added support for Civic, District0x, Loom Network, Decentraland, Dai, Golem network and Zilliqa. The San Francisco-based wallet also listed Bitcoin Cash (BCH), Ethereum Classic (ETC), 0x, Basic Attention Token, and Zcash.
Coinbase explained why they have added support for Stellar:
“Stellar aims to connect banks, payment systems and individuals quickly and reliably. Since its launch in 2014, its vision has been to unite the world’s financial infrastructure so that money can flow quickly and cheaply between banks, businesses, and people.
The Internet connected the world’s computers so that information could be shared globally. Stellar aims to do the same for money.”
As the Stellar protocol uses destination tags, Coinbase pointed out that traders should correctly fill this field:
“Please note that inbound transfers require the specification of an XLM memo.”
In the last five days, the XLM price has increased by over 30 percent, 5 of which followed the Coinbase Pro’s announcement. At the moment of writing, Stellar trades at $0,11.
Coinbase will apparently add more coins in the future. Along with Stellar, the exchange was considering Cardano (ADA), so there will be no surprise if this coin will be listed on Coinbase Pro.
Coinbase stated:
“One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time.”
Initially, XLM trading will be only available for customers in Coinbase’s supported jurisdictions, except the state of New York.